Similarly to other major currency pairs that include the US Dollar, it is apparent that the latter’s weakness has allayed during the previous trading session. One factor that helped the Greenback to stabilise against the Yen is a support cluster formed by the monthly S2 an d the weekly S1 circa 110.20. Considering that the rate has surpassed the 55-hour SMA, it could signal to further advance. This upside momentum, however, could be stopped by the 100-hour SMA—a level which was being tested at the time of this analysis. It is likely that both barriers confine the Greenback for several hours. Meanwhile, technical indicators are still in favour of a fall. In case this scenario is to occur, losses should be capped near the lower boundary of a four-month channel down near the 110.00 mark.
